Describe the related comparative advantages

Reference no: EM133465660

Assignment:

Pick a trade that happens in one of your personal relationships, so with your partner, parents, siblings, or close friends. A trade is any exchange of physical goods or of useful services.

Describe that trade and describe the related comparative advantages had by the two people involved (you and the other person).

Think of dynamic specialization and dynamic comparative advantage. Read the lecture slides on the topic carefully.

Discuss one traits/skills you believe you possess that fit the notion of a dynamic comparative advantage. Include a discussion of the trading situation in which those skills are a comparative advantage.

Discuss one traits/skills you believe you possess that fit the notion of a static comparative advantage. Again, include a discussion of the relevant trading situation.

Reference no: EM133465660

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